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SVTPerformance's Chain of Restaurants
Road Side Pub
Need financial debt advice(paying off)
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<blockquote data-quote="carnut101" data-source="post: 10104182" data-attributes="member: 30764"><p>So you want him to throw away possibly thousands of dollars selling both cars and take out an unsecured loan at most likely a higher interest rate to cover the difference? Then, since he doesn't have a large chunk of cash, he'd need to take out more loans to pay for the replacement cars. That makes no sense. Yes, the cars aren't helping the situation, but he shouldn't panic and dump the cars. All of his interest rates are reasonable, but his credit score is most likely worse off now than it was at the time he got the cars, so that's another reason for higher rates. I'd be surprised if a bank even gave him a personal loan. Also, if memory serves correctly, auto loans have a significantly smaller impact on credit scores than credit card debt. </p><p></p><p>Here's what I would do: Make your normal payments on both cars while concentrating on the credit cards. Though the rates are identical, you're paying a larger dollar amount of interest every month on the higher balance, so figure out an amount you can pay monthly that will bring down card #1's balance quickly while not ignoring card #2. Once the balances of the 2 cards match, pay for them equally until they are payed off. Then shift your attention to the cars. Car #1 is a higher balance, higher interest rate, and newer loan, so you're paying way more interest on car #1 than car #2. Take the money you were spending on your credit cards and consider this the amount that you can pay on top of your regular scheduled payments for your cars. Pay off car #1, then pay off #2. </p><p></p><p>It would help if we knew how much money you have to work with monthly to pay for these 4 things.</p></blockquote><p></p>
[QUOTE="carnut101, post: 10104182, member: 30764"] So you want him to throw away possibly thousands of dollars selling both cars and take out an unsecured loan at most likely a higher interest rate to cover the difference? Then, since he doesn't have a large chunk of cash, he'd need to take out more loans to pay for the replacement cars. That makes no sense. Yes, the cars aren't helping the situation, but he shouldn't panic and dump the cars. All of his interest rates are reasonable, but his credit score is most likely worse off now than it was at the time he got the cars, so that's another reason for higher rates. I'd be surprised if a bank even gave him a personal loan. Also, if memory serves correctly, auto loans have a significantly smaller impact on credit scores than credit card debt. Here's what I would do: Make your normal payments on both cars while concentrating on the credit cards. Though the rates are identical, you're paying a larger dollar amount of interest every month on the higher balance, so figure out an amount you can pay monthly that will bring down card #1's balance quickly while not ignoring card #2. Once the balances of the 2 cards match, pay for them equally until they are payed off. Then shift your attention to the cars. Car #1 is a higher balance, higher interest rate, and newer loan, so you're paying way more interest on car #1 than car #2. Take the money you were spending on your credit cards and consider this the amount that you can pay on top of your regular scheduled payments for your cars. Pay off car #1, then pay off #2. It would help if we knew how much money you have to work with monthly to pay for these 4 things. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Need financial debt advice(paying off)
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